The Sun. — London, England, 1826-12-06 00:00:00

110 wish to obstruct the object in view, but rather to promote its attainment, by rendering the proposed inquiry practicable. The Honourable Alderman, in the eourse of his speech, had stated to some of the friends near Vir n .,..,. w h o were giving him, but not favouring hint with suggestines—that be would rather take his own course, as he could ot i ly do one thing at a time ; that was precisely the principle ran which he (Mr. Canning) wished to pro ceed ; thinking, U. h e did, that a sufficient Parliamentary ease had been made `out for one specific inquiry—to that inquiry he gave his conseatt, and to' that case he wished it to be confined. He did. not I %iean, thereby, to preclude further investigation, should other "eases be subsequently established'; but at present it would be sufficient to direct attentien: to that which was most distinctly brought before the House. It might be convenient to state its the outset, that whereas the Honourable Alderman wished the investigation to be extended to the " origin, management and present state of all the Joint Stock Companies formed during the years 1824, 1825, and 1828,' he (Mr. Canning) proposed: by his ,Amendment, that it should be restricted to matters con !netted only with the Avigna Mining Company. In suggesting ' this alteration, he might add, that neither he, nor those with whom he acted, felt the slightest disposition to screen frOm tee tenure any parties guilty of alleged misconduct. If the purpose of the Honourable Alderman were practical good, he seemed elierate. d to launch on so wide :an ocean, that even if he ever ar %rived at the end of his voyage of discovery, it would be prolong ed to such it distant date, as to deprive the result of its most ma terial advantages. He (Mr. C.) was desirous to steer Mr one point in the first instance, and afterwards, if it were found: ex pedient, to proceed in quest otnew :adventures. As at present flamed, it was impossible to agree to the Resolution, since Its terms would include many joint stock companies not in the con temptation even of the lion. Alderman himself. Many persons of the most unimpeachable character had embarked in speculetionis of this description for the must irreproachable ends : Companies for Rail-roads, Piers, Hai 'sours, Gas-lights, and many other laud» able objects, had been established during the years mentioned hi the Resolution, and into these he presented it was not intended town the investigation. Ile did not apprehend that the Hon. Alderman meant to cast any imputation upon the parties who bail engaged in these useful speculations. Mr. Alderman WAITHMAN said, 10; we under stood, that hg bad no such design in the P. :esoltilion he had offer ed to the House. Mr. CANNING repeo+ f' that at some tuture time he should not resist , y into tne origin and management of other Associations, a case at all like that against the :Mites Company cwid , a 'established in the first instance. Wh a t' h a d recently pa's in Parliament had excited in the mind of ever man y °a:fending to debates a suspicion, th a t i n t h e co nd uct of parties connected with that undertaking there is matter for grave inquiry. The ellegations on the one hand, and perhaps the nature of the defence set up on the otliet, chewed that the case could not be passed over in 'silence. The project had been stigmatised by epithets lee Would not repeat, while the Hon. Gentleman ;w -eaned 'bad Jellied hie participation, and had maintained his inno venice ; all who heard him meet wish that that innocence shindil he established ; and without inquiry, the opportunity of yin-eli te:lion could net he afforded. Ile begged, to be understood as hint intending' at all to prejudice any question hereafter to be brought before a Committee ; but he felt called upon to say, that what had fallen from the Honourable Alderman, regard ing any tither project, did not establish a ease at all equal to that which had been made out against the Arigna Company.— As to any general investigation, he was quite sure, that it the Honourable Alderman mould induce the House to comer 'with him, he would find, in practice, that he merged Iris men particular object in the multiplicity of details. It W&s expedient, therefore, that the House should limit the labours of the Committee in the first instance to one sub ject. There was certainly matter requiring further exami nation as fir as related to one mining speculation, and the Ob ject would he defeated by mixing up with it other tellies illy connected in subject but not in substance. He could pot angina to some of the notions promulgated , by the Honourable Al alermen, nor go the length of censuring, in such unmeasured tellies, l'inn supposed readiness of the country to lend itself to these delis *tee projects. Some of the most: beneficial undertakings bad been carried into effect by the agency of Joint Stock Companies, end it was sufficient, perhaps, to mention the Bank and the East India Company. The, Heim, he thought, ought to confine the present Inquiry to the Arigna Company merely, and to go rio farthei ut this time. To that extent the motion had his concurrence. There was no disposition among these who sat on the same Ode 'with him to protect any persons who might have miaeonducted 'themselves, be they whom they might ; and if, at any future time the Hon. Aldetinan would Make out in prop e r ease for inquiry into the conduct of persons connected with othee Conepneiee, would be ready to ,give him his support. With respect to the names of th e persona whilin the lion. Alderman proposed as those who were to constitute the Committee, a list of them had been put into his hands: and certainly the names were very 'Tepee. table : but, at the same time, be could not help remarking, that no less than fourteen of them were on the Hon. Alderman's side in polities. The Hon. Alderman, himself, teemed toad:nit, that the greater nmnber of sinners were on his own side (4 letoeb); and it was on that ground that he objected to so many names hem that side; for it was not exactly right that so many sinner+ should he appointed to try signiors (a laugh), as the sinners would naturally support each other (here Mn-. Waithman Brougham intimated across the l'uble, that it was not .uhnitted that the greatest number of sinners was on that side of the Iluuse). However, he trusted that the House geuerally had nu sinister in terest to serve, and that nothing was contemplated but a fair, just, end impartial inquiry. —(Deals hear.) Mr. BROGDEN gave his most cordial and elger support to the motion for inquiry, and was glad that the enquiry wee likely soon to take place. A speedy and impartial enquiry was what be moat anxiously desired, as he had no doubt that he could felly clear himself from any impropriety of couduct, and dispel the prejudices which had been excited against him. Ilut owing to these unhappy prejudices, he was now called upon to speak under great disadvantage, on a subject which (to him wits one of the last importance. He had been pen annually and plain* larly selected as the object of the Honourable Alderman's anima+ versions ; and he certainly could not help blaming the Hon. Al derman for the uncandid and unfeeling manner in which he hail proceoled sgaivat him. Ile repeated that he rejoiced at the pi ea pea of this inquiry; for he was confident when the neater cans,: before the committee, he would be aisle must entirely and coins plainly to clear himself frontal:ll blame. He rejoiced in the pria pea of the appointment of the proposed Committee, and his great anxiety ware that it ahould meet immediately. He earnestly hoped the Committee would commence its !Amen' without delay : fur the Hume ciadd not bet be aware that after the manner in which these ehargeil had been brought forward against him by the Hem Alderman, his feelings newt be in a very harnessed state, long as the enquiry should be suspended. lie was therefore most anxious, that when appointed, the Committee should immediately proceed to business ; and that the House would. not allow the ili a veetigation to stand over Till after the Holidays. The Honourable Alderinan had Illatir him the particular object of personal attack; as if be hurl been the greed encourager of Joint Stuck Compuniee.' That was nut the case. Ile certainly had been no encourager oi impreper Joint. Stock Companiea. lie bed been engaged in the, dileenon of two or three Joint Stock Companies--all of thetn of , unexceptionable chewier, and mutit tionful to the public, except this miserable Arigne foiiipeny; mid. whatever improprieties' might have tek en place in the inenegenteut of the affairs of that . C" 03 1 ,4 4, Inc had had no share in any of these improprieties. He ' had been already ne his tried respecting the transactions which had taken place in the nutnagement of that Continently, anti before as competent a " 41 94 as airy thet could be appointed by that Home. Ile bath he e l tried by uniuent merehents of London— Men particularly en?veront with affairs of this mow, and with general busineae, c o il hyallem lie bad been entialy acquitted af any participation in those lien:sat:nous which had b ee n considered de serving of ceneute. At a Aleeting of elentlemen of this descrip. time, a Resolution bail been pelmt& and unanimously passed, stating' th a t he had nut been at all implicated in the frauds which had been understood to have takers ear, h ear .) He was to far from deprecating iniquuity, that he meet anx i ous l y solicited it—(Hear, bear. )—He begged leav e to call the attention of the House to what had passed at the Committees and Aleeting, where this Arigna bueinees was brought under investigation. In July, 1825, a _Committee had been appointed to inquire into the matter, and of this he was first informed by the Solicitor of the Company ; and afterwards a General Meeting was held, to Which the Committee had reported that nothing had appeared ins the course of the investigation to implicate him or Mr. Bent. Sh e al y after a publication appeared its the Mars newspaper, Which seemed to reflect our his character as connected with these trans actions;• -se and upon this the Solicitor bee expreed to blo c his re_ gat that any blame should have thus been imput&l to him, an d atnt a letter to the Editor of the , stating that he (A r. Brogden) frail not been at all implicated in the fraud in ques tion. Tlie Times had published the letter, but remarked at the same time, that the Solicitors of these Companies would naturally put the best fay poesilnkt upon the transactions of the Managers. After this mete of treating the matter • by the Tones, he had determined that rio rejoinder from him should appear in that paper. Tine matter did not a m th e re ; for the Cotriinittee which he mentioned above, Moved by the injustice done to him in the Times, had met, altd--hait lot hint a letter expressing their regret at the - pub- lication In the rimes, and giving it distinctly as their una.: nimous conviction that neither - he (Mr. Brogden) nor Mr. Bent had any knowledge whatever of the, misapplication of 15,0001. of the funds of the Company, when they received the 1,000/. each. The - Committee afterwards agreed upon a - Resolution, to be reported to a General Meeting,. and in th a t resolution the Committee expressed their unanimous opinion, that when - Messrs. Brogden and Bent had accepted the 1,0001. each, they thought that. the money had arisen from the sale ofehares, and Were utterly and entirely ignorant at the time that the Mbney had been with drawn from the funds of the Di - nipany ; and that when informed of the fact, they knit dune every thing in their power to promote it prompt and rigid inquiry into, the transaction. This report was laid before a General Meeting, and was unanimously con firmed. At a subsequent General Meeting, held for the purpose of considering the propriety of excluding those who had really been concerned in the fraud, a resolution, acquitting him' of all • participatiOn in it was carried by 202'Shareholders out of 216, the number o f whi c h th e M eet i ng cons i ste d . In short, at !bur General Meetings, bis.7Cotidttet throughout had been fully ap proved—(Hear.)He had only to express his earnest wish that Gentle Men would not suffer their minds to be biassed by the general 'prejudice which then prevailed against Joint Stock Companies. , Joint Stock Companies were not necessarily bad; fin° many great and useful pnrposes they were absolutely necessary. The Ho nourable Alderman had spoken of the mania of Joint Stock • Companies, He (Mr. Brogden) had a predilection for that Par he belonged to one which had been eminently sue maul, and Most advantageous to the public. He had, no doubt, 4 share in the direction of some others; but be they what they might, he had always acted with perfeet A fter the stnendment, moved by the Right Hon. the Secretary of State, he did not think himself called upon to enter upon the ge nertil nantre and histnry of these Joint Stock Companies. The Mining COMpunies had been particularly alluded to. But surely Mining speculations were not necessarily bad. Many of them Were most valuable, and most useful - to the public. Even the South American Mining Associations had done good ; as, by the employment of British capital and industry in the working of the Mines of those recently emaneipated States, the connexion be tween them and thin country was drawn closer, and great advan tages procured for our commerce. He concluded by stating again, that he most sincerely rejoiced at the prospect of the appointment of the Committee, and the full investigation of those matters ill which be was accused of having been implicated ; and he repeated his wish, that it would meet as early us possible, and proceed with the inquiry immediately. _ _ Mr. Alderman WAITHMAN rose and said, that he wished then' to make one observation, and it was this most certainly excepted from his imputations certain Joint Stock Companies. But, then, he said that such Companies were proper only in. those great and extensive concerns which could not be carried on by individuals. lie also, undoubtedly, excepted from all censure thove persons who had merely lent their names to such Companies, front an opinion that by so doing they were promoting the interests of the public. A GENTLEMAN, whose name we could not learn, stated, that he approved of the Amendment, since he was satisfied, by taking these Companies singly, the inquiry would be most likely to lead to sonic good practical result. At the seine time, he did not think this Arigna Company the worst of those men tioned by the Hon. Alderman. lie hoped, therefore, that the cases of other Companies would be brought forward singly. Mr. HOBHOUSE could not but think the House and the Country very greatly indebted to the Hon. Alderman, for his great industiy and exertions in searching the practices of these Joint Stock Companies, and in making them the subject of im partial inquiry. He concluded by again declaring, that the Ho nourable Alderman and the Right Honourable Secretary of State had deserved well of the House and the Country for their conduct that night. Mr. ATTWOOD observed, that the Hon. Alder man hail brought a great many sweeping charges against Joint Stock Companies. But Joint Stock Companies might be good, and therefore vague, and sweeping assertions against them did not deserve much attention. Even with respect to this Arigna Com pany, it was evident that the 1,0001. had not been paid to the late Chairman of the Committee under the improper eircum sdances which had been mentioned ; and with respect to the Equitable Loan Company and their Bill, the Hon. Alderman had said a great deal about that Company ; and yet, after all, he had not been able to state more than a single fact affecting in Any de gree any of.. the Members of the House of Comnurna. The Equitable Loan Company was certainly not a delusion, and it was well known that it was quite usual with the moat honourable men to lend their names to such such speculations as promised to he at tended with advantage to the country. item they Nut excluded their late Chairman' of the Committee of Ways mid Means for his comm., • tion with a Joint Stock Cumpauy ; hut it en happened that the pre sent Chairman of the Committee of Ways and Arcane was con nected with Joint Stock Companies.—(A laugh.)—This proved the absurdity of these general imputations—the absurdity of con sidering Members of Parliament at all disqualified to hold such situations as Chairman of the Committee of IVays and upon vague and sweeping allegations of their being connected with Joint Stock Companies. The lion. Alderman, among his other id ergot and imputations, bad dwelt much upon the conduct of the buyers end sellers of shares. But that circumstance alone could surely never he considered as any imputation on their cha racters. There wota no more in buying or selling a share than there was in purchasing or selling a shawl.—(A loud laugh.) —The Hon. Alderman bad adverted to certain cases of alleged abuses in these Joint Stock Companies. It might be difficult to guard in all cases against abuses in these Companies.; but it was well known that a great many of the most beneficial works never could be carried on without them. There could be no doubt of the vast utility of Canal Navigation, and yet that most valuable work had been carried on by means ofJoint Stoek Companies, and could not be carried on by any other means. He might also men tion the works for supplying cities with water, which had been carried on by means of Joint Stock Companies, to the infinite convenience and comfort of the public. Then he might mention that great improvement the Gas Light.. This could only have been done by means of a Joint Stock Company, and by great per severance, and at an inne:lse expense. Ile believed that little less than 300,000/, had been expended before they had been able to pro duce anything else then a bad light ; and yet, by the perseverance of a joint stuck company, the gas light had been brought to its present brilliant condition. The insurance joint stock companies were also of great public utility, and yet were carried on without any assist ance of the Legislature. The Foreign Mining Associations had been, in like manner, condemned without sufficient reason. Con sidering all the circumstances attending them, he (Mr. Attwood) was of opinion that they were very fair objects of enterprise. The Honourable Alderman had stated, a few nights ago, that, during him Mayoralty, 1824, a great many individuals bad applied to him to give his sanction to fraudulent schemes ; and that, by lending hip name to them, he might have put thowiands of pounds into his pocket; but his poblic virtue, it seemed, bad resisted the tempts tion.—(A laugh.)—The only continent that he (Mr. Attwood) would make upon this btaulnent was, that none of these persons with fraudulent schemes had ever applied to him to join in their concerns. --(A was unfortunate for the riot). Alder man that they should have selected him as a fit partner in their hear.)—lfe (Mr. Attwood) mildewed that ho ihould have been astonished if such persona had applied to him for his assietance, or if lie had heard that they had applied with the same view to the Honourable Alderman (Tkompeen) . opposite; and he was almost equally eatonielied to account why they should have gone to the Honourable. Able, man who had brought forward the 'motion. It certainly was creditable to the Honourable Alderman that he shrunk from sharing in the speculations which he wag invited to patrouise—(Hear, hear, and a laugh).--With regard to, the Joint Stock Companies for domestic purposes, he (Mr. Attwood) believed that many of them would prove highly beneficial. lie referred particularly to the Association for forming Provincial Banks in Ireland. Another instance of great public benefit was the General Steam Navigation Company. There again was an improvement which this country owed entirely to Joint Stuck companies.--(Bear, hear, Wan the vessels navigated by titeani four out of five, if not nine out of ten, were the property of Joint Stock Companiets, more or less numerous—(Heat . ; hear.) -!t would be an act of imprudence for private individual* to risk the eitablirhuient of such packets as these. Joint Stock Companies had led the way in all improve ments—above all, they. had 'beaten down the obstacles to the in tareomee of nations, an object advantageout to et ; but if to any, most of all to this great commercial country—(Cheero—He jeeted to the motion, because it conveyed an imputation on .every wen who had been connected with Jpint Stock Ateaticiations ; iu mane degree, it puk him nailer accusation-.-(lrene, hear,)—and would Produce an fiCipreision on the public mind, that the Mem bers of that Horse had eclmowledged the justice of the stigma tempted to be affixed to them. - • Sir 41-. EX. GRANT ro.t! to address the-House onl y in (A mletiliente of the allusion which the Honourable Geo tleman who hail joist temined his seat, had: thought - proper to make with respect to him. It was,. true thathe was a Director o. f. a Joint Su " ""inisny far a few Weeks. Rut as no list of that Company had _been adVertised, he did not imagine that there was any Memb )er i f that House, except those in the same situation as hi mse lf, who knew any thing about it—(A laugh). Ile had not the slightest suspicion, that the general knowledge of the lion. as it did to every thing of the Member (Mr , Attwood), 4.Ltoding kind, could have produced that particular example—(Hear, bear, and a laugh). He (Sir A. Grant) would briefly state the circum stances under „which he had become connected with this Joint Stock Association. In the spring of 1825 it was proposed to him to join his name a 3 a Director of this Company with those of several persons of commercial eminence, and some of the highest rank. — As he saw no objection to the project, he consented. lie would intbrm the House what that project was. It would be in the re collection of the - House—for Royal and Imperial visits were not very conunon—that their Majesties of the Sandwich Islands sited this country in 1824—(A laugh). The House would also recollect the melancholy fate that befel these personages. They died, and they were then returned to that hemisphere from whence they had came. - -(A slight laugh, and cries of " Order.") An individual who for Med part of the Royal Suite, named Rives, pro leased to have been invested with certain powers by his Majesty of the Sandwich Wands, to be'used for the benefit of his subjects. —(Laughter.)—These powers were represented to authorise this Rives to grant the exclusive privilege of trading to those Islands, and he stated his intention to dh!pose of it through the medium of a Joint Stock Compaup—(Coretinued laughter).—He had. failed in one attempt to do so, and was then offering it to the Associa tion, which he (Sir A. Grant) was requested to join. He was strongly solicited, and at length he acquiesced.—(A laugh. )—The sum received altogether front the subscribers was between 20 and 25,0001. Among the benefits the Company were to enjoy, the principal was, a most advantageous trade in Sandal-wood, of which they were to have the exclusive exportation to China.(Loud laughter.)—As British subjects, without the privilege, the Navi gation Laws of the Sandwich Islands would not allow them to par ticipate in this valuable traffic.—(Repeated laughter. happen ed that the mother of a much esteemed Officer, holding a high official situation, the Adjutant-General, had been there; and from her they made their first, fatal discovery. Shortly afterwards, they suspected that the individual professing to have the right to dispose of these privileges was not authorised to do so, and they then de termined on the dissolution of the Company.—(Laughter.)—Dur ing the few weeks of its existence, it was involved in an expendi ture of from 2to 3,0001. How did the Directors act under these circumstances? They argued thus :—" We, the Directors of this Company, have, by lending our names to it, induced the public to take the Shares.—(Hear, hear.)—We now find out that we have acted under fallacious representations. Arc the public to pay for our mistakes? No : we lent ourselves to the fallacy, and it is our duty, therefore, to bear the onus.—(Cheers.)"—The Company was dissolved ; the loss was spontaneously divided among the Directors; and the public received ba c k every shilling they had subscribed.;—(Cheers.)—He confessed it was with great pain he bad risen on this occasion, but nothing on earth should have prevented him, after the allusion made to him by the lion. Gen tleman (Mr. Attwood), and which, he would take the liberty of saying, was made in the most uncourteont manlier on the part of that Hon. Gentleman.—(No, no.)—He said so, because that Hon. Gentleman had not previously communicated his intention of making the allusion, thereby giving hint (Sir A.G.) abetter op porttinsty of recollecting the facts. Mr. ATTWOOD, in explanation, stated, that he deemed no private communication necessary, as he had found the Company noticed in a printed book. He would readily concede to the Honourable Gentleman, that he had satisfactorily proved that a more Lawless and innocent operation had never been per formed, than the attempt made to obtain the monopoly of the trade in sandal wood, between the Sandwich Islands and China.— (A laugh.) Mr. JOHN SMITH said, it had happened to him to be concerned iu some Joint Stock Companies, and he never felt any sensation but pride and satisfaction in the recollections arising from them. He was not conscious that in his connection with a single Company, h e h a d comm i t t e d any act of which he had rea son to be ashamed—(Ch eers .)—lle gave the Honourable mover (Mr. Alderman Waithmae) great credit for the purity of his mo tives, but he could nut approve of his sweeping allegations against all Joint Stock Companies—(Cries of " No, No.")—The, Ho nourable Alderman had talked much of the Equitable Loan Bill. Some of the meat respectable men in England were in different situations in that Company. He (Mr. J. Smith) was one of the Vice-Presidents. He never went but once to the place of meeting, and the only observation he then made was, " Gentlemen, you are wrong to take so many shares among yourselves." He afterwards declined belonging to that Company ; but it was his decided opi nion, that its establishment Would have been of essential benefit to the lower classes. In conclusion the Honourable Gentleman re peated most broadly, that be, personally, feared no inquiry—en the contrary, be wished for it. He was sure, when the Equitable Loan Bill was investigated, there would he an end of the exagge rated statement. that had been made respecting it. Mr. HUSKISSON said, that as Ito also had beets alluded to in term., which he would not call uncoutteous, hut At the stone time in such a manner as showed that the Worthy Al derman (Waithman) was under some misapprehension as to the facts be had stated, he would shortly inform the House that he had neither directly nor indirectly had any share or interest in any one Joint Stock Company, formed during the years 1824, 1825, or 1826. That he had an interest in an Insurance Office, one of the oldest in the City, and that he had had it for the last twenty years, he would not deny; and he supposed, that because he held a public situation, he was not precluded from such an invest ment. He also 1:eld himself free to state, that he had a very in considerable share in two canals, neither of which, he was sorry to say, was productive. One of them was nearly connected with his place of residence, and the other with his local interests. If the Hon. Member alluded to the Company formed to promote the growth of silk in Ireland—(hear, and a laugh),—he would explain, in a few words, all the connexion be had with it. When the parties who had projected that Company came to the Board of Trade, he specifically stated to them, that though he thought it a desir able experiment; yet, considering the situation he held, as Presi dent of the Board of Trade, he could not expose himself to the misapprehension that would he likely to arise from his so doing. When the parties applied to him, as President of the Board of Trade, to know what number of shares would be taken, he in formed them that there must have been some misconception as to the intentions of the Government, which was desirous only of giving that countenance to the experiment which might facilitate the object of giving employment, to a great portion of the popu lation of Ireland. Such was the nature of this Application, and such the answer which had been given on the part of the Govern went, and he defied the Hon. Member to point out a single specu lation of any description with which he (Mr. IL) had bad any con nexion, either directly or indirectly. He had heard, with great sa tisfaction, the very able vindication which the Hon, Member oppo site (Mr. Attwood) bad been enabled, from his personal knowledge and individual information, to give of the utility of joint Stock Companies. It was extremely desirable that some explanation should go. forth to the public, which might counteract the unmeasured condemnation which the Worthy Representa tive for the City of London had thought proper to pro nounce upon those Companies. If there was any one c i rcumstance , to w hich, mi re than another, this coun try owed all its wealth and all its commercial advan tages, it wss the existence of Joint Stock Compapies. There could not, therefore, be a greater error, then that under which .it had been attempted to cry down Joint Stock Companies as public evils. It was only-in the last session, that efforts had been made to prevail on the Bank of England to far to relax its Charter as to Aduhit of the formation of Joint Stock CoMpaniesi with a view of randeriug the business of banking less hazardous, and the example of Sqttlend was 00, where there was no impediment to Ore formation of soar Cammanies. The Worthy Alde;man (Mr. Weidman) had talked as if the formation of Joint Stock Com • puke fur the purpose of carrying oat the business of mining, was anew discovery. He (Mr. H.), however, could tell the Worthy Alderman, that all the great Mining Works in this country had been carried on time out of mind, by Joint Stock Companies. The mines. in Cornwall and the mines in Wale', had been conducted by such Companies. It was a most mischievous policy ,to attempt to discourage persons from embarking in such speculations, which were, in a great majority of cases, calculated to advance the public interests. That the late bubbles, as they had been termed, were disgraceful to those cm netted with them, and who knew them to be bubbles, no mitts could deny ; and whenever they should be brought under the con sideration of the House, he would raise, as he always had raised, his voice against them, as schemes fraught with fraud in some in stances, and with hazard and obvious folly in many ()there. The Worthy Alderman had particularly mentioned the Brick Com pany,: the Company, and some other* of a similar descrip. Lion. Of these and other wild schemes, he (Mr. H.) had already expreetred, his opinion in. that House ; and he bad warned the pu bli c Against connecting thetneelves with schemes which had I bundation than the folly or avarice of t h e pro ;iltioortsit. no other .Iy, Colonel DAVIE'S, aH be bad been a Director of the Eptitahle Loan Compaq, on which the Worthy Alderman had vented the largest sharp of his displeaoure, trusted , he should to allowed to say a few words in his own vindication. The Worthy Alderman had stated that every member of that Com pany had made a traffic of his shares. Now, if the Worthy Alderman meant to coat that imputation upon hi m (c o l one l Davies, he (Colonel Davits) said, that the Worthy Alderman's statement was false. The Worthy Alderman had stated that the Company had been got up for the worst of purposes, and that every member of the Company was aware of this. lf the Worthy Alderman meant to apply that imputation to him (Colonel Da- vies), he (Colonel Davies) stated distinctly that it was false. For his own part, he (Colonel Davies) could state that be had never trafficked in shares, and that he was ready to meet any ac cusations to which his connection with that Company had ren dered him liable. Mr. H. GURNEY said the discussion had at least bad this good effect, that it had aftbrded the Hon. Member (Mr. Brogden) an opportunity of vindicating himself. Mr. G. ROBINSON thought the Worthy Alder man who had brought forward the present motion, must now see that the great extent of it would defeat the object which he had in view. He 'could not think that the Worthy Alderman, living as he had lived in this great city, and taking an active part in pub lic affairs, could mean to include under one sentence of reproba tion, all the Joint Stock Companies which had been formed in this countr. Sir y C,FORBES thought the Worthy Alderman entitled to approbation, for having had the spirit and the forti tude to say in that House what was universally said out of the House. It might be supposed, from the manner in which the Hon. Member had, spoken of the Australian Company, that it had been founded upon principles more liberal than those of any other Company. He had received information on this subject from a quarter in which he could place the utmost reliance, and be was enabled to state that a monopoly had been granted to the Austra lian Company by the Government for a period-of 20 years. One million acres of land in the most fertile part of the colony had been granted to the Company, half of which they were to have the power of disposing of, on condition of expending 150,000/. upon it. The land was worth sr. an acre, so that here was a gratuitous grant of about 250,000/. to the Company. The Com mittee of Management in New South Wales was composed almOst exclusively of member' of one family, and the whole concern was, in fact, a job. Mr..l. SMITH said, it was impossible to remain silent, after the observations which had just fallen from the Hon, Baronet. He did not understand how an enterprise could be characterised as a job, which had but one object—namely, that of promoting the breed of sheep, which had a finer wool than could be found any where else, and to effect that object it was neces sary to give property to the individuals who embarked in this enterprise. As to the concerns of the Company being managed by a particular family in the colony, the Hon. Bart. was entirely mistaken. Sir C. FORBES, in explanation, said, that the person from whom he had derived his information was wholly unconnected with any party. _ . Mr. W. HOR - Tbg denied in iota the imputations which the Honourable Baronet had cast upon the Australian Com pany. Mr. HART DAVIS denied the imputations cast upon the individuals connected with this Company by the Hon. Baronet. After 'a few observations from Mr. TAYLOR, which were not audible in the gallery, The SPEAKER put the Question, and isagbiteaitefiotnriet,ioantd,o after r ss t e h d e u te d A h ri l e o r ilse A w . i l t d h l e f: v e l h i o l i b a e s h n er t l7e4, A b tl a l tl r t i f ' a i li t v o w M u a r s e A d no N h t i h n trouble them now with anything in the shape of a reply; but he could not altogether abandon his motion without stating why he had no objection to the Amendment. He had at first submitted that mo tion to the consideration of a Right Hon. Gentleman opposite, and ascertained that he was not hostile to its object ; but he had avoided any confinement of its effects, such as that effected by the Amendment, becanse he w wished to shun the appearance• of attack ing any particular individual.—(Near, hear.)—Agreeing, as he did, however, with the respect to the propriety of the Amendment which had been proposed, and observing that all parties in the House seemed to be of the same opinion, he would not have thought it necessary to trouble them with any. further remarks, had he not observed that some Gentleman in the course of the debate seemed to labour under au impression of his being disposed to condemn Joint Stock Companies generally, and not those particular speculations to which he had taken the liberty of directing their attention. He never could have done so, even by inference; and be now begged to say, once for all, that he agreed to the fullest extent, with every thing which had fallen from the Right Honourable Gentleman over the way (Mr. Huskisson), upon the subject of those Institutions, fos tered and promoted through the means of Joint Stock Asso ciations.—(llear, hear, hear.)—With respect to the observa tions of the Honourable Member for Midhurst (Mr. J. Smith), upon the Equitable Loan Company, of which so much had been said, he begged to premise, that all the documents upon which he furnished his statements bad beau ordered by and produced to the House of Lords. Auother Honourable Mem ber (Mr. Attwood), whose opinions upon Joint Stock Companies ' deserve the most particular attention, from his experience upon such matters, had asserted, that the Company to which he alluded was no delusion. The Hon. Gentleman, however, the Auditor of that Company—a matter which he, had altogether overlooked in the course of the observations with which he had favoured the House—seemed to intimate, that the information then produced was wholly new, both with regard to that Company and others ; so far from that being the case, however, he repeated, that what he had detailed was a chain of well-known and incontrovertible facts. The Hon. Gentleman (Mr. Attwood), lie repeated, was the Auditor of that Company; and of the forty-five Directors, seven are Members of Parliament. And yet that Company, with these Directors, instead of answering the charges of an humble in dividual fairly in public, chose to libel him through the means of an anonymous scribbler. The individual to whom he alluded de. mantled the name of the author, and he was answered by a refer ence to a man of straw. The bill of the expence of the libel was ultimately discovered to have been ill. 45., and to have been paid by a cheque of the Compaay upon their bankers, which cheque was signed at a Board of Directors, there being present three gentle men, Members of that House, and the Hon. Member of whom be had been speaking, remaining the Auditor.—(Hear, hear.)—Bad as this was, there happened, however, something still worse, re lating to a proceeding in the ease of a young pawnbroker, which would have remained altogether concealed, had it not been elicited through sonic information afforded to a Noble Lord in another place. tli e ert t io ht i Bille itoi uotneverhi7es original c ilagr o rih i k a Preamblelhv p aysp ti o b fe l o i r e uwi sny le a i ds tt e hh fit with the aatt. en it He would here take oc cas i on t o ment i on, it was the object ofthose opposed The co4g4ridet ialtpteoyrot it hiv co n duc t ed argum e n t whi nßsdoitli;le t o t for e but I t . point was to be opposed, it was struck out of the Bill before it cattle to be presented for the approbation of the Legislature. He did not wish to take up their time unnecessarily, but as there was nothing• he had said which he did not pledge himself to prove, he would just mention, that if that Company had received the sanc tion of Parliament, no man would have been safe in any ordinary occupation. No tradesman could have carried on his business with any feeling of security. The Company professed only to be pawn-brokers, but they had surreptitiously introduced a clause in the Bill, by which they were enabled, as a Noble Lord observed, to become factors, agents, or general merchants, to any extent ; so that no man could calculate upon their continuing to act as pawn brokers, for even one short week after they had secured the coon - tenance of Parliament. • The Worthy Alderman then concluded by again tliankiug the House for its kind and patient attention. The Amendment was.then agreed to, and the following Select Committee named and appointed . Mr: alderman Weidman, Mr. N. Calvert, Lord Althorpe, Mr. Robt. Grant, Mr. W. Ward, Mr. Geo. Banks, Mr. Horace Twiss, • Mr. Fatakerley, Mr. Geo. Lamb, Lord Euston, Mr.' Warburton, Mr. Woolrych Whitmote, Sir Thomas Arland, Colonel French, Mr. Chas. Ross, Sir Richard Vyvian, Mr. Hohhouse, Mr. blither's', Mr. Lockhart, Mr. Stuart Wortley, Mr..Pallreer. Mr. Dickenson. Mr. Alderman WAITHMAN here observed, that the number appeared to be 22 instead of 21. Some conversation then took place, as to the eligibility of Mr. Horace Twiss, when Mr. WAITHMAN did - not'object to the name of Mr. Horace Twiss remaining on the list, but he tvould, in that case, beg to propose Sir Janice Graham, to make the number 2s. Sir James Graham was appointed accordingly, and five named As a quorum. lst'D - TRADE - ' NEWFOUNPI4t , Mr. GEORGE ROBINSON, On the motion . a Return was ordered of : all vessels engaged in the Trade ivith the years 1624, 25, and 26, Newfoundland during together with the Imports and Exports during the same period. ELECTION PETITIONS. A petition war presented from a Mr. Harrison, complaining of the return for the Borough of Beverley, A similar p e tition was presented from a Alr. Ogleby, relating to the return for Sudbury. LIVERPOOL AND. lIIANCII.ESTER RAIL-WAY. A Bill [Ur enlarging and emending the Powell granted under the former Act, for making this Rail-way, wee brought in, and rout a first time. The other Orders of the Day Were then disposed of, and the House adjourned at Ten o'ciock. BATTLE WITH THE ASHANTEES (OFFICIAL ACCOUNT.) (From the Sierra Leone Gazette Extraordinary, Oct. 9.) SECRETARY'S OFFICE, OCT. 9, 1828. A Dispatch, of which the following is an extract, was yester day received, addressed to his Excellency Sir Neil Campbell, lint. C.B. Governor-in-Chief, from Commodore Charles Bill len, C.D , Commander-in-Chief of his Majesty's squadron on this station, dated on board Ills Majesty's ship Maidstone, West Bay, Princes Island, the 15th September, 1826, communicating the total de feat of the Ashantee Army, on the 7th of August last, by our troops and the native Allies, under the command of Lieutenant- Colonel Portion : "The communication between Cape Coast and Sierra Leas being so very much retarded and uncertain, for want of tepid conveyance, I hasten to inform your Excellency, by hiellajesty's *loop, Esk (fearing you may not have yet received Colonel Per don's despatches), that a most decisive victory was gained by the British Forces, in conjunction with her numerous Allies, untie' command of Colonel Pardon, over the Ashantee Army, hee ded by the King in person, ou the 7th ult. The action took place ea the plains of Accra, at Doodewah, about twenty miles from Accri at the foot of the Aquapim mountains. The followi n g is the mean of the many different accounts I have heard from s everal of the Officers of the African Corps, and those merchants com manding their respective tribes, which I think may be relied on as tolerably correct : Colonel Purdou, on the 6th, took up his position with the Allied forces under hil command, the whole of whom were under arms, all day, hourly expecting the Ashantees, (who w ere then but a short distance from them), would commence the attacii however, Walling occurred until the morning of the 7th, at half , past nine, when the action commenced by the Ashantees upon tl't centre of the British line, with considerable effect. This was strongly resisted by Messrs. Richter, Hansen, Hutc hinson, Jackson, at the head of their respective militias, t ent centre. The African Corps with Col. Pardon were in the mew in the ceutre, consisting of about 100 officers and men. For 1 1, 1 considerable time the fate of the day was doubtful, indeed, all"' against us, the Ashantees finally succeeding in driving them doss to the British guns; at which time colonel Purdon, by a reef judicious arrangeinent, opened a heavy fire from the small arta: lery he haAl, viz. four 9-pounders and eight rocket -tubes, stta sent a few congreve rockets among the enemy, which latter, Inn a moment, staggered them, as also wounded their King. took a circuit In the mean time Acoto, King of Aquandwe , with his force, and commenced an attack in the rear of the. Ashantees and ' who, eventually, solely decided the fate of the who composed th.e day. They immediately began to retire, and the rockets and ar tillery keeping up their fire, and the Ashantees falling into A _d vision amo n g th emse l ves , th e v i c t o ry was declared, after A hours, in favour of th e B r iti s h a lli e d arms. Many of their cipal men have fallen, among others their oldest warrior, AP" o The King, who was w o u n d e d in three escaped being taken prisoner. Quashie Amanque, one o Chiefs, being mortally wounded, while in the act of dragging !" from his basket. His equipage, camp, and several of his ri!e t .4 o with a very rich booty, estimated at 500,000/. sterling, fell into our hands ; and it is with sincere plettiture , l inform you, that in is , camp the head of our late lamented victim, Sir Charles APC'sr thy, was found, carefully preserved in a double folding of in which Arabic characters were written, covered with s hl"" o f handkerchief, and sewed up in a tiger's skin. An ohl , tti e !' rum had been wade to it by the King early on the morning ot the battle, invoking it to call to him the heads of alt the English ehier and to give bins victory. He fled from the Agit with fe w The lowers, and has since been reported dead of his wounds' places, very our escaped Ashantees fought very brdely, as did the Akims anti Assess :' our aide ; but the Fantees fled at the first fire, which was then'. mature occasion of our line being broken. k tl i l l e led on t ly n E ti u te ro h j e ie ld a , n a w n o d u 2 l;(l ,oo ed o , h eL,, ° - e m ht::::: .e nt be ir ed : t ;t: " The loss on our part is trivial when c r ed to th r „ i , t , i ' l' thousand wounded. Of the . A ft ' hatitte3, fi ve orv": andve r M thousand aboutß co i prisonersr e r h eb t were e c t l rw , ios authority, was , . T o h n e e th s i t e im i tt ia t y ed of fo b r a ce ttl o e, n be u t t w i r ee * u i,le 6; o and 12,000 ; and of the Ashantees 15,000 to 18,000. A the y " Being the first time the Congreves have been spread terror and dismay among this superstiti ous race of more particularly by their King being wounded b y one of th brat' Many prisoners of distinction have been taken, but lon 00: at present to furnish your Excellency wi th the exact nau!:4 account; however, I am of opinion, ther ein very !WU chan le their, fur some time hence, troubling thew Po" "g at a o y,xcel "lt is with pleasure I have thus to congratuley henry on the success of the British thi=t;,te!!! EDINGS. the NOTICES TICE thel. Ms rt u E i r s x g .BP" t c h ou e: t ls o i ef t /3 1 . 1 tero:ni:lotiO:tot:eFiltsrti'SteokalflotOshet,lieittis::}ll4l:l43:Ftgfe.l:lll4llao°i:ll,ts:Yl:::tlh,(Eluoeeltd:'- .111 eqUer, in Eq and Law pas lig or Cause] ot r. —Pence—Return a the number of Orders made la , pa.,t) down on further directions and exceptions and at the presena arrear of Causes to be heard on excepo _ _further Directions in both these Courts. of w oof , 4. Sir sn elbht.a..mmn).::Roefrng....cnst—P°l-eoe:A:erlrsietie:cealfels.qtd.rit°ciuti'.lceet tobee ORDERS or THE DAY FOR THIS DAY. 1. St. Domingo rootage Bill—Second reiulink r. J. Ways and Means—Comtnitt ee. ;!.2. Hume —iteturn qua don o ts i t i n h t e h A e 4. Exchequer Bills no,oco,ono) Bill—Conunittee. 5. Transfer of Aids Bill—Committee. NOTICES GIVEN YESTERDAY• Mr. H , Thursday, Dec. at mentusne.a—n of d Cop th y e o e f anthemßiale:rtseriooff ttisneq,Ciiormy,mainssdioner Colo th. "We Good 11°P.; thetnedt ei .n re a li v e i f o of t h o is: o lad v, es a t i Y;;;: atr 4l 4 : ; and of all Correspondence betweers the Coloni_l,: y,s. MOTIONS clFaebTh n 1 farEigteci:A.l;is:sartoell..Ch.anovrcll,orli' „. on th e Mr. Henries—To I th so e umexteenid)etPOrttmhee'-'Ut.nited Kingdom b t e h Conveyance of Letters now existing in Great MOM. Colonel Terrens--Molion fAorfitthret'hpaecill4laidtialn%f Ireland. gs, Fridaalsvo,violcfcLi. S. utenant.Colones nrt. for Mr. Henry Grattan—To explain and amend Act SS ~°' Mr. Mabeviy—AnAecountio.fueelanYW N F s e st b es , l en . circulation. erM t► ~ . to their being printed; be referred to a Select ( •• no . LOIqDON , WEDNESDAY EVENING, a1826' We received last night the the Et • and otle dated Monday motili n k . from The • Illontleur of Sunday has intelligence , e Constantinople to the 27th Oct. On the V5t,...i.11e, corps of bombardiers and marines had at brit 11 lti view at Kathana. Amongst the crowd of spectaf ,(,)ii . t w h as the Chevalier ROMANO,., Charge d'Af fitires .' i it• Tl e I Paris .I"apereoi v... `Court of NapleS, 'seated in a Turkish cartbov of'teh lust which was IlHoWil, rolled ( 114 " t `ellioto wounded was the e ha P" which the mark was placed, and l a A lady Chevalier's who carriage ; Madame ROMANO, geld in the carriage with her, Wer e berl° by this extraordinary accideilt. i ,, the Other accounts ' expectation from Constantinople that the PORTE MIS about to give fortl Theie suspension of hostilities against Greece. the Etoile contains letters from Lisbon who 18th anticipated t ! but our direct ,communications from thence 140 _ rt their contents. The ;Mode states tilot,, leo 10,;(iet, Ais argue, after giving-a proclamation of the, „„. qu is de CHAVES, adds, that on the Ist Dec. 6 . 4 -.. TI esll.-! ntversary of the Accession of the fu use of Prep, h o t the army will enter Portugal. It further state , f LI the Marquis de CHAVES commands in c hief. n',„, dier-General Count de CAvEI.AS. acts as At l .l' lta ; o l General; and the functions ofQuartironieter t:;eAn-4e. are performed by M. TEXEIRA, funnel-1Y '''*". Camp to his Majesty MICHAEL. 1.. The following arc the names of the fourthsl3lrige,,i,t4ol Generals who direct the four columns of P-__,,. Army.—First division, Viscount de Moraiko:o.i.:::. Second division, MAOECE. Third division, IYI DUREIRA. Fourth division, ,PINTO PA ~Tl : v 4ti tra• The first point of union in Portugal vitt tie ~.,_t , gauze; there, conformably to the proclaniation o f i t n ., 2d Oct. the Regency will be formed. ',This of ment will be supported troops who have remained in ortugal, and who tin by the greater part o f .14_,